U.S. Crude Inventory Drops – 27 August, 2019

Demand for precious metals grew on fears of an upcoming recession and a weighed down global economy, while oil gains were capped by uncertainty over a possible U.S.- China trade deal. Spot gold gained 1.1% to $1,542.70 per ounce. U.S. West Texas Intermediate crude was up 55 cents or 1.0% to $55.48 per barrel. International Brent crude rose 37 cents 0r 0.6% to $59.88 per barrel. U.S. crude stockpiles dropped by 1.1 million barrels last week as imports fell. Gains were capped on ongoing fear of a trade war between the worlds two largest economies.